The Taxation Legislation Amendment Bill 2015 (WA) was introduced in the WA Legislative Assembly on Thur 26.3.2015.
The Bill primarily seeks to amend the Pay-roll Tax Assessment Act 2002 (WA) to introduce a gradual diminishing tax-free threshold from 1 July 2015. Under the proposed arrangement, the benefit of the tax-free threshold will gradually phase out for employers or groups of employers with annual taxable wages in Australia between $800,000 and $7.5m. Large businesses with payrolls of $7.5m or more will pay payroll tax on their entire payroll from 2015-16.
The Bill also contains amendments to the Duties Act 2008 (WA) to extend a duty concession to a custodian of a trustee of a superannuation fund in certain circumstances.
The Bill also seeks to make minor amendments to the Land Tax Assessment Act 2002 (WA) re exclusion from the claw back provisions for certain land that has been compulsorily acquired. The Bill proposes amendments to exclude private residential property that was subdivided as a result of a compulsory acquisition, bringing it into line with the existing provisions.
The Bill also proposes other minor amendments to the Land Tax Assessment Act.
These amendments are proposed to commence from the day after the Royal Assent.
[LTN 58, 26/3/15] [IT 26/3/15]